|

Shiba Inu Price Prediction: This new scenario could solve the equation

  • Shiba Inu price continues to ricochet back and forth, causing confusion amongst day traders.
  • SHIB price has an alternative count in the cards based on newfound technicals.
  • Multiple trade setups can be forecasted when reviewing this thesis properly. Traders should beware of the multiple scenarios at play.

Shiba Inu price has yet to validate either side, the bullish and bearish forecasts mentioned in previous outlooks. An alternative count can justifiably be made based on the newfound technicals.

Shiba Inu Price Prediction: A 17% Rally then plummet?

Shiba Inu price had been coiling in a very bullish triangular consolidation this summer.  Bullish targets were expected to reach $0.00001700. 

tm/shiih/8/1/22

Shiba Traders Thesis 

Shiba Inu’s failure to display bullish price action prompted ideas of a smart money trap in play. During mid-July, a bearish forecast was issued targeting the $0.00000975 liquidity level.

tm/shib.7/1922

Shiba Ultimate Bear Trap Thesis 

Shiba Inu price fell 27% amidst the most recent bearish forecast issued last week to a low at $0.00001033. The notorious dog coin fell 5% short of reaching the targeted $0.00000975 liquidy level and has since retraced nearly 80% of the forecasted decline back above the initial triangular trendline. The price is inducing justifiable confusion amongst crypto traders.

tm/shib/8/1/22

SHIB/USDT 4-Hour Chart

Shiba Inu price has smart money written all over it 

A new scenario is now on the cards, which targets new highs at $0.000014000. A breach above $0.00001270 should be the catalyst to induce such a move. However, traders should be careful as a liquidity hunt could begin promptly after the new summer highs are accomplished with bearish targets in the $0.00000770 levels.

tm/shib/8/1/22


It is also worth noting that a breach below $0.00001100 could induce a sell off towards the $0.00000970 levels in the short term though the technicals do suggest higher targets could occur first.
tm/shib/8;1/22.2 pt.2

SHIB/USDT Sell-Off Catalyst

Thus, multiple trade setups can be forecasted when reviewing this thesis properly. Traders should beware of the multiple scenarios at play.

In the following video, our analysts deep dive into the price action of Shiba Inu, analyzing key levels of interest in the market. -FXStreet Team

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Editor's Picks

Hyperliquid Price Forecast: Downside risk looms as momentum stretches thin

Hyperliquid price is trading in the red on Monday, stalling after 10% gains last week. HYPE-focused Exchange Traded Funds recorded their fifth consecutive weekly inflows, projecting steady institutional demand. The technical outlook for HYPE warns of potential downside risk as bullish momentum stretches thin.

Cardano Price Forecast: Strengthening momentum points to cautious upside extension

Cardano trades around $0.222 on Monday after rallying over 15% last week. Mixed derivatives data and mildly bullish on-chain metrics point to cautious market sentiment. Meanwhile, strengthening momentum indicators suggest ADA could see further gains if the recovery continues.

Crypto Overview: Bitcoin faces sell wall at $82,850 – Jupiter, Zcash rally

Bitcoin price tumbles below $80,000 on Monday amid improved odds of a rate hike with the robust US employment data. Institutional demand holds firm with crypto-focused Exchange Traded Funds recording nearly $1.25 billion in inflows last week. Jupiter and Zcash extend gains over the last 24 hours, leading the broader crypto market rally.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC consolidates near recent highs, ETH and XRP defend key bullish supports
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) maintain a constructive outlook on Monday after gaining more than 3.4%, 4% and 4.8%, respectively, last week. BTC holds steady near $80,000 while ETH and XRP show resilience and defend key support zones. The price action of these top three cryptocurrencies suggests consolidation or a mild pullback before an upside move.
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.